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Special Economic Zones – Import, Export & Taxes related Provisions

1. Introduction: 1.1 Special Economic Zone (SEZ) scheme was announced in April, 2000 with a view to provide an internationally competitive environment for exports. The objectives of Special Economic Zones include making available goods and services free of taxes and duties supported by integrated infrastructure for export production, expe...

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Posted Under: Custom Duty |

Export Promotion Schemes Under Foreign Trade Policy

1. Introduction: 1.1 The Export Promotion Schemes implemented by CBIC relate to those provided in respective Foreign Trade Policies issued from time to time. Presently the broad categories of schemes pertaining to FTP 2009-14 (effective till 31.3.2015) and FTP 2015-20 are as below:- (a) Incentive or Reward schemes under which exporters ar...

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Posted Under: Custom Duty |

Duty Drawback under Customs Act, 1962

1. Drawback on re-export of imported goods 1.1 Duty Drawback on export of duty paid imported goods is allowed in terms of Section 74 of Customs Act, 1962 read with Re-export of Imported Goods (Drawback of Customs Duties) Rules, 1995. The goods are to be entered for export within two years from date of payment […]...

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Posted Under: Custom Duty |

Prohibition on Import of Intellectual Property Rights under Customs Act, 1962

1. Introduction: 1.1 India is a signatory to the WTO Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS), which was brought into force on 1st January,1995. Articles 51 to 60 of TRIPS [Annex 1C of the Marrakesh Agreement Establishing the World Trade Organization] relate to border measures (i.e. measures required to b...

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Posted Under: Custom Duty |

Customs Functions related to Preferential Trade Agreements

1. Introduction 1.1 One of the chief functions of Customs, as the guardian of the economic frontiers of the country, is to administer tariffs, valuation and origin regulations and, also, strike a fine balance with trade facilitation. 1.2 Bilateral and multilateral ‘Preferent Tr e Agreements’ have become a prominent feature, in the tra...

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Posted Under: Custom Duty |

Disposal of Unclaimed/Uncleared Cargo under Customs Act, 1962

1. Introduction: 1.1 Imported goods are allowed to be cleared for home consumption by the Customs, if there are no restrictions or prohibitions, assessment formalities have been completed, and duty leviable has been paid. However, it is often the case that the importer files the Bill of Entry but does not clear the goods due […]...

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Posted Under: Custom Duty |

Re-importation and Re-exportation of Goods under Customs Act, 1962

1. Introduction: 1.1 Sometimes, indigenously manufactured goods, when exported, are returned back for various reasons including cancellation of export order or after exhibition/display etc., or after use in particular project/contract and completion of the contract etc. (such as machinery). Similarly imported goods which may have discharg...

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Posted Under: Custom Duty |

Import of Samples – :Legal Provisions

1. Introduction: 1.1 In international trade it is often necessary to send samples of goods manufactured in one country to another country for being shown or demonstrated for customer appreciation and familiarization and for soliciting orders. Samples are imported by the trade, industry, individuals, companies, associations, research insti...

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Posted Under: Custom Duty |

Import and Export through Post

1. Introduction: 1.1 The facility for import and export of goods by Post Parcels is provided by the Postal Department at is Foreign Post Offices and all the post offices. Customs facilities for examination, assessment, clearances are available at these post Offices. However, parcels for export will be opened and examined if required by th...

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Posted Under: Custom Duty |

Import and Export through Courier

1. Introduction: 1.1 Imports and exports through courier are becoming increasingly popular. At present, the courier clearances are allowed both under manual mode as well as electronic mode. The courier clearances under the manual mode are governed by Courier Imports and Exports (Clearance) Regulations, 1998, and courier clearance under el...

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Posted Under: Custom Duty |

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